Warren Ltd was organised on 2 January 2019, and proceeded to issue 100 000 9% cumulative preference shares and 200 000 ordinary shares. The preference shares were issued privately at a value of $2 each and the ordinary shares were issued to the public at $5 each, payable in two instalments of $2.50 per share. The first instalment was payable on application and the remaining instalment was payable by 30 June 2020.

Required

Prepare the equity section of the balance sheet as at 30 June 2020.